The entire board of Alberta Investment Management Corporation (AIMCo) was dismissed with finance minster Nate Horner taking the chair role on a board for which he, for now, is the sole director. He later told reporters that this was not a knee-jerk reaction but followed concerns for some time.

Longtime Alberta bureaucrat Ray Gilmour has been appointed interim leader of the Alberta Investment Management Corporation, the Crown agency set up to manage public pensions and investments at arm’s-length from government.

The Alberta government has made a sudden decision to dismiss the entire board and CEO of the Alberta Investment Management Corp. (AIMCo). This comes at a time when several of the pension fund’s clients are expressing dissatisfaction with its performance.

The province says the move comes "after years of AIMCo consistently failing to meet its mandated benchmark returns." For now, Finance Minister Nate Horner has been appointed the AIMCo board's sole director and chair.

The Alberta government has announced a new CEO for AIMCo, a day after it sacked the body’s entire board. AIMCo is the body that manages more than $160 billion in pension, endowment and government funds for the province. They also announced yesterday that Nate Horner, Alberta’s finance minister, would be the body’s sole director and chair.

The provincial government of Alberta, Canada, has terminated the entire board of the C$168.9 billion ($124.5 billion) Alberta Investment Management Corp., Edmonton, citing underperformance issues and rising costs.

Alberta’s government named a long-serving bureaucrat as interim chief executive officer of the province’s pension fund manager following Thursday’s shock firing of the entire board.